Karachi, In a recent meeting held by the Board of Directors of the company on Tuesday, July 25, 2023, the financial results for the quarter and nine months ended June 30, 2023, were approved and released. The company's performance showcased significant growth in comparison to the same period last year.

For the quarter ended June 30, 2023, the company reported impressive local sales amounting to Rs. 1,359,333 thousand, a substantial increase from Rs. 261,003 thousand in the same period in 2022. After accounting for sales tax, net sales were reported at Rs. 1,337,869 thousand, displaying strong growth over the previous year's Rs. 565,205 thousand.

The company's gross profit stood at Rs. 306,216 thousand, compared to a gross loss of Rs. 55,794 thousand in the corresponding quarter of 2022. Distribution costs and administrative expenses were reported at Rs. 33,912 thousand and Rs. 19,429 thousand, respectively, for the quarter.

Despite facing finance costs amounting to Rs. 59,576 thousand, the company managed to achieve a profit from operations of Rs. 7,561 thousand, a notable improvement from a loss of Rs. 33,290 thousand in the same quarter of the previous year. After accounting for taxation, the company reported a net loss of Rs. 4,382 thousand for the quarter.

For the nine months ended June 30, 2023, the company's total comprehensive income amounted to Rs. 13,576 thousand, compared to a comprehensive loss of Rs. 78,289 thousand during the same period last year.

In light of these results, the Board of Directors recommended several actions to benefit the shareholders:

1. Cash Dividend: An Interim Cash Dividend for the quarter ended June 30, 2023, was recommended at Rs. NIL per share, in addition to the Interim Dividend(s) already paid at Rs. NIL per share.

2. Bonus Shares: The Board proposed issuing Interim Bonus shares in proportion to NIL share(s) for every NIL share(s) held, in addition to the Interim Bonus Shares already issued.

3. Right Shares: It was recommended to issue NIL% Right Shares at par/at a discount/premium of Rs. NIL per share in proportion to NIL share(s) for every NIL share(s).

The Board also declared "Any Other Entitlement/Corporate Action" as NIA (Not Included) and stated that there is "Any Other Price-Sensitive Information" as NIA as well.

These recommendations reflect the company's commitment to sharing its success with shareholders and supporting their investment in the company's growth. The company remains optimistic about its continued progress and prospects for the future.